Annual Income Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028
Annual Income Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table shows WhiteHorse Finance, Inc. 7.875% Notes due 2028's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table shows WhiteHorse Finance, Inc. 7.875% Notes due 2028's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
| Metric |
|
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
| Net Income / (Loss) Attributable to Common Shareholders |
|
5.60 |
3.43 |
5.97 |
7.84 |
-6.86 |
3.90 |
4.26 |
2.25 |
-0.56 |
8.78 |
-0.69 |
| Consolidated Net Income / (Loss) |
|
5.60 |
3.43 |
5.97 |
7.84 |
-6.86 |
3.90 |
4.26 |
2.25 |
-0.56 |
8.38 |
-0.60 |
| Net Income / (Loss) Continuing Operations |
|
11 |
11 |
11 |
9.29 |
9.15 |
7.98 |
6.84 |
6.56 |
6.10 |
6.60 |
-0.60 |
| Total Pre-Tax Income |
|
11 |
11 |
11 |
9.56 |
9.45 |
8.25 |
6.95 |
6.75 |
6.29 |
6.79 |
-0.60 |
| Total Revenue |
|
18 |
18 |
18 |
16 |
16 |
14 |
12 |
13 |
12 |
12 |
4.83 |
| Net Interest Income / (Expense) |
|
18 |
18 |
18 |
16 |
16 |
15 |
13 |
13 |
12 |
12 |
8.40 |
| Total Interest Income |
|
26 |
26 |
25 |
23 |
23 |
21 |
19 |
19 |
18 |
17 |
13 |
| Investment Securities Interest Income |
|
26 |
26 |
25 |
23 |
23 |
21 |
19 |
19 |
18 |
17 |
13 |
| Total Interest Expense |
|
7.56 |
7.50 |
7.33 |
7.14 |
6.93 |
6.50 |
6.19 |
6.14 |
5.78 |
5.03 |
5.00 |
| Long-Term Debt Interest Expense |
|
7.56 |
7.50 |
7.33 |
7.14 |
6.93 |
6.50 |
6.19 |
6.14 |
5.78 |
5.03 |
5.00 |
| Total Non-Interest Income |
|
-0.17 |
-0.17 |
-0.17 |
-0.17 |
-0.17 |
-0.17 |
-0.17 |
-0.17 |
0.00 |
-0.34 |
-3.57 |
| Other Service Charges |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
0.55 |
| Net Realized & Unrealized Capital Gains on Investments |
|
- |
- |
- |
- |
- |
- |
- |
- |
0.00 |
- |
-6.20 |
| Other Non-Interest Income |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
2.08 |
| Total Non-Interest Expense |
|
7.16 |
7.03 |
6.90 |
6.58 |
6.30 |
6.18 |
5.48 |
5.78 |
5.62 |
4.80 |
5.43 |
| Insurance Policy Acquisition Costs |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
1.36 |
| Other Operating Expenses |
|
4.46 |
4.38 |
4.19 |
4.26 |
4.01 |
4.19 |
3.76 |
4.14 |
4.10 |
3.20 |
4.07 |
| Basic Earnings per Share |
|
$0.24 |
$0.15 |
$0.26 |
$0.34 |
($0.30) |
$0.17 |
$0.18 |
$0.10 |
($0.02) |
$0.36 |
($0.03) |
| Weighted Average Basic Shares Outstanding |
|
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.17M |
22.17M |
| Diluted Earnings per Share |
|
$0.24 |
$0.15 |
$0.26 |
$0.34 |
($0.30) |
$0.17 |
$0.18 |
$0.10 |
($0.02) |
$0.36 |
($0.03) |
| Weighted Average Diluted Shares Outstanding |
|
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.17M |
22.17M |
| Weighted Average Basic & Diluted Shares Outstanding |
|
- |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
22.23M |
21.61M |
| Cash Dividends to Common per Share |
|
$0.37 |
$0.38 |
$0.39 |
$0.39 |
$0.39 |
$0.62 |
$0.39 |
$0.39 |
$0.39 |
$0.27 |
$0.26 |
Annual Cash Flow Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table details how cash moves in and out of WhiteHorse Finance, Inc. 7.875% Notes due 2028's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
| Metric |
|
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
| Net Change in Cash & Equivalents |
|
-12 |
6.52 |
3.80 |
-1.78 |
3.35 |
1.89 |
| Net Cash From Operating Activities |
|
-65 |
-90 |
72 |
90 |
79 |
77 |
| Net Cash From Continuing Operating Activities |
|
-65 |
-90 |
72 |
90 |
79 |
77 |
| Net Income / (Loss) Continuing Operations |
|
32 |
30 |
16 |
20 |
11 |
14 |
| Consolidated Net Income / (Loss) |
|
32 |
30 |
16 |
20 |
11 |
14 |
| Depreciation Expense |
|
-3.34 |
7.61 |
9.19 |
23 |
9.57 |
-24 |
| Amortization Expense |
|
-2.38 |
-4.68 |
-4.09 |
-2.89 |
-2.42 |
-2.27 |
| Non-Cash Adjustments to Reconcile Net Income |
|
-94 |
-126 |
52 |
47 |
48 |
92 |
| Changes in Operating Assets and Liabilities, net |
|
3.73 |
2.91 |
-1.22 |
2.70 |
13 |
-3.04 |
| Net Cash From Investing Activities |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Cash From Continuing Investing Activities |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Purchase of Investment Securities |
|
- |
- |
- |
- |
0.00 |
0.00 |
| Net Cash From Financing Activities |
|
53 |
97 |
-68 |
-92 |
-75 |
-75 |
| Net Cash From Continuing Financing Activities |
|
53 |
97 |
-68 |
-92 |
-75 |
-75 |
| Issuance of Debt |
|
296 |
458 |
141 |
167 |
119 |
214 |
| Repayment of Debt |
|
-211 |
-368 |
-176 |
-224 |
-153 |
-245 |
| Repurchase of Common Equity |
|
- |
- |
- |
0.00 |
0.00 |
-7.42 |
| Payment of Dividends |
|
-32 |
-30 |
-33 |
-35 |
-41 |
-37 |
| Effect of Exchange Rate Changes |
|
0.01 |
-0.30 |
0.29 |
-0.02 |
-0.01 |
0.03 |
| Cash Interest Paid |
|
12 |
14 |
20 |
29 |
26 |
22 |
| Cash Income Taxes Paid |
|
0.83 |
0.91 |
1.18 |
1.10 |
1.41 |
1.46 |
Quarterly Cash Flow Statements for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table details how cash moves in and out of WhiteHorse Finance, Inc. 7.875% Notes due 2028's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
| Metric |
|
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
| Net Change in Cash & Equivalents |
|
6.69 |
-5.29 |
-3.59 |
0.86 |
-1.09 |
7.17 |
-8.22 |
14 |
13 |
-16 |
20 |
| Net Cash From Operating Activities |
|
42 |
16 |
1.60 |
42 |
15 |
21 |
-7.01 |
22 |
62 |
0.96 |
28 |
| Net Cash From Continuing Operating Activities |
|
42 |
16 |
1.60 |
42 |
15 |
21 |
-7.01 |
22 |
62 |
0.94 |
28 |
| Net Income / (Loss) Continuing Operations |
|
5.60 |
3.43 |
5.97 |
7.84 |
-6.86 |
3.90 |
4.26 |
2.25 |
-0.56 |
8.38 |
-0.69 |
| Consolidated Net Income / (Loss) |
|
5.60 |
3.43 |
5.97 |
7.84 |
-6.86 |
3.90 |
4.26 |
2.25 |
-0.56 |
8.38 |
-0.69 |
| Depreciation Expense |
|
4.52 |
8.39 |
-0.74 |
1.79 |
16 |
-7.35 |
2.20 |
-18 |
4.97 |
-14 |
1.87 |
| Amortization Expense |
|
-0.82 |
-0.79 |
-0.69 |
-0.36 |
-0.83 |
-0.54 |
-0.62 |
-0.68 |
-0.33 |
-0.65 |
-0.44 |
| Non-Cash Adjustments to Reconcile Net Income |
|
18 |
4.95 |
0.19 |
24 |
3.26 |
20 |
-10 |
36 |
61 |
4.68 |
27 |
| Changes in Operating Assets and Liabilities, net |
|
15 |
-0.18 |
-3.13 |
7.81 |
3.13 |
5.50 |
-2.78 |
1.51 |
-3.83 |
2.07 |
0.37 |
| Net Cash From Investing Activities |
|
- |
- |
0.00 |
- |
- |
- |
0.00 |
- |
- |
- |
0.00 |
| Net Cash From Continuing Investing Activities |
|
- |
- |
0.00 |
- |
- |
- |
0.00 |
- |
- |
- |
0.00 |
| Net Cash From Financing Activities |
|
-36 |
-21 |
-5.17 |
-41 |
-16 |
-14 |
-1.24 |
-8.04 |
-49 |
-17 |
-8.61 |
| Net Cash From Continuing Financing Activities |
|
-36 |
-21 |
-5.17 |
-41 |
-16 |
-14 |
-1.24 |
-8.04 |
-49 |
-17 |
-8.61 |
| Issuance of Debt |
|
81 |
40 |
39 |
20 |
40 |
20 |
19 |
195 |
- |
- |
0.00 |
| Repayment of Debt |
|
-108 |
-53 |
-35 |
-52 |
-47 |
-20 |
-11 |
-194 |
-40 |
- |
0.00 |
| Repurchase of Common Equity |
|
- |
- |
- |
- |
- |
- |
0.00 |
- |
- |
- |
-3.02 |
| Payment of Dividends |
|
-8.60 |
-8.60 |
-8.95 |
-8.95 |
-8.95 |
-15 |
-8.95 |
-8.95 |
-8.95 |
-9.76 |
-5.60 |
| Effect of Exchange Rate Changes |
|
-0.07 |
0.03 |
-0.02 |
0.02 |
0.02 |
-0.03 |
0.03 |
0.00 |
-0.01 |
0.01 |
-0.00 |
| Cash Interest Paid |
|
6.04 |
8.88 |
5.12 |
8.67 |
4.77 |
7.91 |
4.10 |
7.93 |
1.95 |
8.31 |
3.49 |
Annual Balance Sheets for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table presents WhiteHorse Finance, Inc. 7.875% Notes due 2028's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
2021 |
2022 |
2023 |
2024 |
2025 |
| Total Assets |
|
851 |
796 |
731 |
677 |
615 |
| Cash and Due from Banks |
|
12 |
9.51 |
11 |
12 |
7.03 |
| Trading Account Securities |
|
0.00 |
- |
- |
642 |
579 |
| Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Other Assets |
|
19 |
766 |
16 |
0.98 |
0.53 |
| Total Liabilities & Shareholders' Equity |
|
851 |
796 |
731 |
677 |
615 |
| Total Liabilities |
|
501 |
464 |
414 |
391 |
355 |
| Accrued Interest Payable |
|
2.09 |
2.77 |
2.07 |
1.82 |
1.39 |
| Long-Term Debt |
|
477 |
440 |
387 |
353 |
324 |
| Other Long-Term Liabilities |
|
22 |
14 |
25 |
35 |
30 |
| Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
|
350 |
332 |
317 |
286 |
260 |
| Total Preferred & Common Equity |
|
350 |
332 |
317 |
286 |
260 |
| Total Common Equity |
|
350 |
332 |
317 |
286 |
260 |
| Common Stock |
|
339 |
339 |
338 |
337 |
329 |
| Retained Earnings |
|
11 |
-6.88 |
-22 |
-51 |
-69 |
Quarterly Balance Sheets for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table presents WhiteHorse Finance, Inc. 7.875% Notes due 2028's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
| Metric |
|
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q1 2026 |
| Total Assets |
|
735 |
703 |
684 |
679 |
671 |
626 |
606 |
| Cash and Due from Banks |
|
11 |
13 |
11 |
11 |
11 |
9.54 |
12 |
| Trading Account Securities |
|
0.01 |
- |
- |
- |
- |
- |
543 |
| Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Other Assets |
|
22 |
23 |
10 |
9.09 |
9.32 |
13 |
7.51 |
| Total Liabilities & Shareholders' Equity |
|
735 |
703 |
684 |
679 |
671 |
626 |
606 |
| Total Liabilities |
|
421 |
391 |
387 |
397 |
396 |
361 |
356 |
| Accrued Interest Payable |
|
3.86 |
1.91 |
3.65 |
3.59 |
1.50 |
4.98 |
2.60 |
| Long-Term Debt |
|
391 |
359 |
353 |
362 |
364 |
324 |
324 |
| Other Long-Term Liabilities |
|
27 |
29 |
30 |
32 |
31 |
32 |
28 |
| Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Total Equity & Noncontrolling Interests |
|
314 |
313 |
297 |
281 |
275 |
265 |
250 |
| Total Preferred & Common Equity |
|
314 |
313 |
297 |
281 |
275 |
265 |
250 |
| Total Common Equity |
|
314 |
313 |
297 |
281 |
275 |
265 |
250 |
| Common Stock |
|
338 |
338 |
338 |
337 |
337 |
337 |
326 |
| Retained Earnings |
|
-25 |
-26 |
-41 |
-56 |
-62 |
-72 |
-76 |
Annual Metrics And Ratios for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table displays calculated financial ratios and metrics derived from WhiteHorse Finance, Inc. 7.875% Notes due 2028's official financial filings.
| Metric |
|
2020 |
2021 |
2022 |
2023 |
2024 |
2025 |
| DEI Shares Outstanding |
|
0.00 |
0.00 |
23,243,088.00 |
23,243,088.00 |
- |
23,243,088.00 |
| DEI Adjusted Shares Outstanding |
|
0.00 |
0.00 |
23,243,088.00 |
23,243,088.00 |
- |
23,243,088.00 |
| DEI Earnings Per Adjusted Shares Outstanding |
|
0.00 |
0.00 |
0.67 |
0.88 |
- |
0.62 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
0.00% |
-10.20% |
18.30% |
11.95% |
-11.60% |
-23.95% |
| EBITDA Growth |
|
0.00% |
3.22% |
32.59% |
47.55% |
-28.90% |
-98.25% |
| EBIT Growth |
|
0.00% |
-20.40% |
28.50% |
14.17% |
-12.20% |
-29.18% |
| NOPAT Growth |
|
0.00% |
19.18% |
29.41% |
14.64% |
-12.82% |
-29.88% |
| Net Income Growth |
|
0.00% |
-5.02% |
-47.89% |
30.15% |
-46.84% |
32.13% |
| EPS Growth |
|
0.00% |
-8.39% |
-52.11% |
29.41% |
-46.59% |
31.91% |
| Operating Cash Flow Growth |
|
0.00% |
-39.63% |
179.82% |
25.52% |
-12.85% |
-1.89% |
| Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
-2,654.81% |
115.23% |
-9.88% |
-19.49% |
| Invested Capital Growth |
|
0.00% |
0.00% |
0.00% |
-8.96% |
-9.10% |
-8.70% |
| Revenue Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-6.05% |
-4.63% |
| EBITDA Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-28.60% |
-90.24% |
| EBIT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-6.66% |
-3.82% |
| NOPAT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
-6.59% |
-5.00% |
| Net Income Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
4.58% |
45.42% |
| EPS Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
4.44% |
44.19% |
| Operating Cash Flow Q/Q Growth |
|
0.00% |
0.00% |
248.04% |
9.60% |
7.18% |
-20.65% |
| Free Cash Flow Firm Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
-7.60% |
| Invested Capital Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
-0.93% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
39.99% |
59.64% |
66.85% |
88.11% |
70.86% |
1.63% |
| EBIT Margin |
|
51.94% |
54.30% |
58.98% |
60.15% |
59.74% |
55.63% |
| Profit (Net Income) Margin |
|
66.16% |
54.85% |
24.16% |
28.09% |
16.89% |
29.35% |
| Tax Burden Percent |
|
127.25% |
101.00% |
40.97% |
46.73% |
28.29% |
53.55% |
| Interest Burden Percent |
|
100.10% |
100.01% |
100.00% |
99.94% |
99.97% |
98.52% |
| Effective Tax Rate |
|
2.98% |
3.37% |
2.67% |
2.21% |
2.92% |
2.47% |
| Return on Invested Capital (ROIC) |
|
0.00% |
0.00% |
9.64% |
5.79% |
5.55% |
4.27% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
0.00% |
-0.16% |
0.39% |
-1.59% |
0.79% |
| Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
0.00% |
-0.10% |
0.50% |
-1.95% |
0.98% |
| Return on Equity (ROE) |
|
0.00% |
0.00% |
9.54% |
6.29% |
3.60% |
5.25% |
| Cash Return on Invested Capital (CROIC) |
|
0.00% |
0.00% |
-190.36% |
15.17% |
15.08% |
13.37% |
| Operating Return on Assets (OROA) |
|
0.00% |
0.00% |
4.65% |
5.72% |
5.45% |
4.21% |
| Return on Assets (ROA) |
|
0.00% |
0.00% |
1.90% |
2.67% |
1.54% |
2.22% |
| Return on Common Equity (ROCE) |
|
0.00% |
0.00% |
9.54% |
6.29% |
3.60% |
5.25% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
0.00% |
4.72% |
6.44% |
3.79% |
5.52% |
| Net Operating Profit after Tax (NOPAT) |
|
24 |
29 |
37 |
43 |
37 |
26 |
| NOPAT Margin |
|
50.30% |
52.48% |
57.40% |
58.78% |
57.97% |
53.45% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
9.80% |
5.39% |
7.14% |
3.48% |
| SG&A Expenses to Revenue |
|
15.91% |
13.71% |
10.88% |
14.70% |
14.49% |
13.26% |
| Operating Expenses to Revenue |
|
48.06% |
45.70% |
41.02% |
39.85% |
40.26% |
44.37% |
| Earnings before Interest and Taxes (EBIT) |
|
25 |
30 |
38 |
44 |
38 |
27 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
19 |
33 |
43 |
64 |
46 |
0.80 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
0.00 |
0.63 |
0.00 |
0.79 |
0.60 |
| Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.63 |
0.00 |
0.79 |
0.60 |
| Price to Revenue (P/Rev) |
|
0.00 |
0.00 |
3.23 |
0.00 |
3.50 |
3.19 |
| Price to Earnings (P/E) |
|
0.00 |
0.00 |
13.37 |
0.00 |
20.73 |
10.58 |
| Dividend Yield |
|
19.44% |
15.55% |
16.29% |
22.20% |
22.42% |
21.47% |
| Earnings Yield |
|
0.00% |
0.00% |
7.48% |
0.00% |
4.82% |
9.45% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.00 |
0.81 |
0.00 |
0.88 |
0.81 |
| Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
0.00 |
9.64 |
0.00 |
8.81 |
9.68 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
0.00 |
14.43 |
0.00 |
12.43 |
592.37 |
| Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
16.35 |
0.00 |
14.74 |
17.40 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
16.80 |
0.00 |
15.19 |
18.10 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
8.69 |
0.00 |
7.18 |
6.12 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.00 |
5.59 |
5.78 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
0.00 |
0.00 |
1.33 |
1.22 |
1.23 |
1.25 |
| Long-Term Debt to Equity |
|
0.00 |
0.00 |
1.33 |
1.22 |
1.23 |
1.25 |
| Financial Leverage |
|
0.00 |
0.00 |
0.65 |
1.27 |
1.23 |
1.24 |
| Leverage Ratio |
|
0.00 |
0.00 |
2.42 |
2.35 |
2.33 |
2.37 |
| Compound Leverage Factor |
|
0.00 |
0.00 |
2.42 |
2.35 |
2.33 |
2.33 |
| Debt to Total Capital |
|
0.00% |
0.00% |
56.99% |
54.97% |
55.24% |
55.49% |
| Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Long-Term Debt to Total Capital |
|
0.00% |
0.00% |
56.99% |
54.97% |
55.24% |
55.49% |
| Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
0.00% |
0.00% |
43.01% |
45.03% |
44.76% |
44.51% |
| Debt to EBITDA |
|
0.00 |
0.00 |
10.15 |
6.04 |
7.76 |
405.81 |
| Net Debt to EBITDA |
|
0.00 |
0.00 |
9.59 |
5.68 |
7.49 |
396.99 |
| Long-Term Debt to EBITDA |
|
0.00 |
0.00 |
10.15 |
6.04 |
7.76 |
405.81 |
| Debt to NOPAT |
|
0.00 |
0.00 |
11.82 |
9.05 |
9.48 |
12.40 |
| Net Debt to NOPAT |
|
0.00 |
0.00 |
11.17 |
8.51 |
9.15 |
12.13 |
| Long-Term Debt to NOPAT |
|
0.00 |
0.00 |
11.82 |
9.05 |
9.48 |
12.40 |
| Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
0.00 |
29 |
-736 |
112 |
101 |
82 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
0.00 |
1.74 |
-33.53 |
3.74 |
3.63 |
3.53 |
| Operating Cash Flow to Interest Expense |
|
-4.92 |
-5.44 |
3.28 |
3.02 |
2.82 |
3.34 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
-4.92 |
-5.44 |
3.28 |
3.02 |
2.82 |
3.34 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.00 |
0.00 |
0.08 |
0.10 |
0.09 |
0.08 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
0.00 |
0.00 |
773 |
704 |
639 |
584 |
| Invested Capital Turnover |
|
0.00 |
0.00 |
0.17 |
0.10 |
0.10 |
0.08 |
| Increase / (Decrease) in Invested Capital |
|
0.00 |
0.00 |
773 |
-69 |
-64 |
-56 |
| Enterprise Value (EV) |
|
0.00 |
0.00 |
626 |
0.00 |
566 |
473 |
| Market Capitalization |
|
0.00 |
0.00 |
210 |
0.00 |
225 |
156 |
| Book Value per Share |
|
$0.00 |
$0.00 |
$14.30 |
$13.63 |
$12.31 |
$11.18 |
| Tangible Book Value per Share |
|
$0.00 |
$0.00 |
$14.30 |
$13.63 |
$12.31 |
$11.18 |
| Total Capital |
|
0.00 |
0.00 |
773 |
704 |
639 |
584 |
| Total Debt |
|
0.00 |
0.00 |
440 |
387 |
353 |
324 |
| Total Long-Term Debt |
|
0.00 |
0.00 |
440 |
387 |
353 |
324 |
| Net Debt |
|
0.00 |
0.00 |
416 |
363 |
341 |
317 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
-7.60 |
-1.30 |
22 |
22 |
26 |
12 |
| Net Nonoperating Obligations (NNO) |
|
0.00 |
0.00 |
440 |
387 |
353 |
324 |
| Total Depreciation and Amortization (D&A) |
|
-5.72 |
2.93 |
5.11 |
20 |
7.14 |
-26 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.00 |
$0.00 |
$0.68 |
$0.88 |
$0.47 |
$0.62 |
| Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
0.00 |
23.23M |
23.24M |
23.24M |
23.17M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.68 |
$0.88 |
$0.47 |
$0.62 |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
0.00 |
23.23M |
23.24M |
23.24M |
23.17M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
0.00 |
46.49M |
23.24M |
23.24M |
22.23M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
24 |
29 |
37 |
43 |
37 |
26 |
| Normalized NOPAT Margin |
|
50.30% |
52.48% |
57.40% |
58.78% |
57.97% |
53.45% |
| Pre Tax Income Margin |
|
51.99% |
54.31% |
58.98% |
60.11% |
59.72% |
54.80% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
1.90 |
1.80 |
1.74 |
1.46 |
1.38 |
1.17 |
| NOPAT to Interest Expense |
|
1.84 |
1.74 |
1.70 |
1.43 |
1.33 |
1.13 |
| EBIT Less CapEx to Interest Expense |
|
1.90 |
1.80 |
1.74 |
1.46 |
1.38 |
1.17 |
| NOPAT Less CapEx to Interest Expense |
|
1.84 |
1.74 |
1.70 |
1.43 |
1.33 |
1.13 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
100.18% |
99.01% |
211.33% |
173.08% |
382.35% |
255.35% |
| Augmented Payout Ratio |
|
100.18% |
99.01% |
211.33% |
173.08% |
382.35% |
307.11% |
Quarterly Metrics And Ratios for WhiteHorse Finance, Inc. 7.875% Notes due 2028
This table displays calculated financial ratios and metrics derived from WhiteHorse Finance, Inc. 7.875% Notes due 2028's official financial filings.
| Metric |
|
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
| DEI Shares Outstanding |
|
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
- |
46,486,176.00 |
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
22,234,045.00 |
| DEI Adjusted Shares Outstanding |
|
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
- |
46,486,176.00 |
23,243,088.00 |
23,243,088.00 |
23,243,088.00 |
22,234,045.00 |
| DEI Earnings Per Adjusted Shares Outstanding |
|
0.24 |
0.15 |
0.26 |
0.34 |
-0.30 |
- |
0.09 |
0.10 |
-0.02 |
0.36 |
-0.03 |
| Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Revenue Growth |
|
13.89% |
0.00% |
-2.67% |
-10.63% |
-13.15% |
-19.41% |
-30.76% |
-22.52% |
-24.40% |
-16.53% |
-61.19% |
| EBITDA Growth |
|
47.31% |
0.00% |
-31.69% |
-33.95% |
66.86% |
-98.51% |
-11.42% |
-205.39% |
-55.40% |
-2,039.23% |
-90.29% |
| EBIT Growth |
|
10.20% |
0.00% |
1.21% |
-11.61% |
-13.86% |
-25.29% |
-37.09% |
-29.61% |
-33.52% |
-13.09% |
-108.58% |
| NOPAT Growth |
|
10.70% |
0.00% |
1.04% |
-12.27% |
-15.34% |
-24.77% |
-36.73% |
-29.38% |
-33.35% |
-17.21% |
-106.12% |
| Net Income Growth |
|
45.62% |
0.00% |
-20.48% |
101.98% |
-222.49% |
13.86% |
-28.56% |
-71.30% |
91.89% |
114.79% |
-114.02% |
| EPS Growth |
|
41.18% |
0.00% |
-18.75% |
100.00% |
-225.00% |
13.33% |
-30.77% |
-70.59% |
93.33% |
111.76% |
-116.67% |
| Operating Cash Flow Growth |
|
0.00% |
100.44% |
-92.65% |
294.70% |
-65.55% |
33.37% |
-537.81% |
-47.73% |
322.95% |
-95.45% |
503.25% |
| Free Cash Flow Firm Growth |
|
202.69% |
0.00% |
108.16% |
0.00% |
-181.67% |
0.00% |
12.56% |
106.06% |
110.46% |
-13.88% |
-0.41% |
| Invested Capital Growth |
|
0.00% |
0.00% |
-6.61% |
0.00% |
0.00% |
-9.10% |
-8.73% |
-5.00% |
-9.38% |
-8.70% |
-10.65% |
| Revenue Q/Q Growth |
|
0.26% |
-0.95% |
1.01% |
-10.05% |
-2.57% |
-8.96% |
-13.22% |
0.66% |
-4.94% |
0.52% |
-59.65% |
| EBITDA Q/Q Growth |
|
-12.00% |
26.32% |
-47.93% |
14.17% |
122.30% |
-98.87% |
2,261.05% |
-236.49% |
194.07% |
-164.27% |
111.82% |
| EBIT Q/Q Growth |
|
1.23% |
-0.42% |
1.40% |
-13.47% |
-1.36% |
-13.68% |
-15.50% |
-3.19% |
-6.83% |
14.03% |
-108.34% |
| NOPAT Q/Q Growth |
|
2.09% |
-1.93% |
1.99% |
-14.08% |
-1.49% |
-12.86% |
-14.22% |
-4.11% |
-7.03% |
8.24% |
-106.34% |
| Net Income Q/Q Growth |
|
44.27% |
-38.81% |
74.23% |
31.33% |
-187.49% |
156.88% |
9.31% |
-47.23% |
-124.71% |
1,607.01% |
-107.14% |
| EPS Q/Q Growth |
|
41.18% |
-37.50% |
73.33% |
30.77% |
-188.24% |
156.67% |
5.88% |
-44.44% |
-120.00% |
1,900.00% |
-108.33% |
| Operating Cash Flow Q/Q Growth |
|
302.05% |
-62.63% |
-89.87% |
2,494.69% |
-64.91% |
44.65% |
-133.24% |
409.76% |
183.97% |
-98.44% |
2,845.57% |
| Free Cash Flow Firm Q/Q Growth |
|
0.00% |
-100.00% |
0.00% |
-1,191.58% |
3.28% |
685.95% |
-5.43% |
-41.28% |
67.14% |
-7.22% |
9.37% |
| Invested Capital Q/Q Growth |
|
0.00% |
0.00% |
0.17% |
-4.61% |
-3.26% |
0.00% |
0.58% |
-0.71% |
-7.72% |
-0.93% |
-1.57% |
| Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBITDA Margin |
|
80.91% |
103.20% |
53.68% |
68.13% |
155.47% |
1.92% |
68.68% |
-92.68% |
91.72% |
-58.65% |
17.18% |
| EBIT Margin |
|
60.53% |
60.86% |
61.64% |
59.30% |
60.04% |
56.92% |
56.01% |
53.87% |
52.80% |
59.89% |
-12.38% |
| Profit (Net Income) Margin |
|
30.87% |
19.07% |
33.21% |
48.48% |
-43.54% |
27.20% |
34.26% |
17.96% |
-4.67% |
70.00% |
-12.38% |
| Tax Burden Percent |
|
50.96% |
31.45% |
53.74% |
82.01% |
-72.59% |
47.31% |
61.37% |
33.34% |
-8.84% |
123.42% |
100.00% |
| Interest Burden Percent |
|
100.08% |
99.64% |
100.25% |
99.71% |
99.90% |
101.00% |
99.68% |
100.00% |
100.00% |
94.70% |
100.00% |
| Effective Tax Rate |
|
1.59% |
2.66% |
2.63% |
2.79% |
3.11% |
3.25% |
1.51% |
2.76% |
2.96% |
2.73% |
0.00% |
| Return on Invested Capital (ROIC) |
|
0.00% |
6.10% |
5.95% |
12.02% |
12.13% |
5.32% |
4.79% |
4.40% |
4.24% |
4.41% |
-0.59% |
| ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
4.24% |
4.76% |
11.21% |
3.07% |
4.22% |
4.11% |
3.21% |
2.27% |
4.93% |
-0.64% |
| Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
5.18% |
6.03% |
12.88% |
3.65% |
5.18% |
5.19% |
3.95% |
2.73% |
6.12% |
-0.82% |
| Return on Equity (ROE) |
|
0.00% |
11.27% |
11.98% |
24.89% |
15.78% |
10.50% |
9.98% |
8.35% |
6.97% |
10.52% |
-1.41% |
| Cash Return on Invested Capital (CROIC) |
|
0.00% |
15.92% |
12.71% |
0.00% |
0.00% |
15.08% |
14.07% |
9.78% |
14.28% |
13.37% |
14.41% |
| Operating Return on Assets (OROA) |
|
0.00% |
5.79% |
5.87% |
5.92% |
5.96% |
5.20% |
4.65% |
4.32% |
4.13% |
4.53% |
-0.79% |
| Return on Assets (ROA) |
|
0.00% |
1.81% |
3.16% |
4.84% |
-4.32% |
2.48% |
2.85% |
1.44% |
-0.37% |
5.29% |
-0.79% |
| Return on Common Equity (ROCE) |
|
0.00% |
11.27% |
11.98% |
24.89% |
15.78% |
10.50% |
9.98% |
8.35% |
6.97% |
10.52% |
-1.41% |
| Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
0.00% |
6.02% |
7.30% |
3.50% |
0.00% |
3.25% |
1.29% |
3.72% |
0.00% |
3.78% |
| Net Operating Profit after Tax (NOPAT) |
|
11 |
11 |
11 |
9.29 |
9.15 |
7.98 |
6.84 |
6.56 |
6.10 |
6.60 |
-0.42 |
| NOPAT Margin |
|
59.62% |
59.03% |
60.17% |
57.47% |
58.11% |
55.62% |
54.99% |
52.38% |
51.23% |
55.17% |
-8.67% |
| Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
1.86% |
1.19% |
0.81% |
9.07% |
1.10% |
0.69% |
1.19% |
1.97% |
-0.52% |
0.05% |
| SG&A Expenses to Revenue |
|
14.90% |
14.76% |
15.04% |
14.37% |
14.53% |
13.90% |
13.75% |
13.09% |
12.81% |
13.38% |
0.00% |
| Operating Expenses to Revenue |
|
39.47% |
39.14% |
38.36% |
40.70% |
39.96% |
43.08% |
43.99% |
46.13% |
47.20% |
40.11% |
112.38% |
| Earnings before Interest and Taxes (EBIT) |
|
11 |
11 |
11 |
9.59 |
9.46 |
8.16 |
6.97 |
6.75 |
6.29 |
7.17 |
-0.60 |
| Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
15 |
19 |
9.65 |
11 |
24 |
0.28 |
8.55 |
-12 |
11 |
-7.02 |
0.83 |
| Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Price to Book Value (P/BV) |
|
0.00 |
0.00 |
0.78 |
0.77 |
0.75 |
0.79 |
0.68 |
0.74 |
0.60 |
0.60 |
0.66 |
| Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.78 |
0.77 |
0.75 |
0.79 |
0.68 |
0.74 |
0.60 |
0.60 |
0.66 |
| Price to Revenue (P/Rev) |
|
0.00 |
0.00 |
3.41 |
3.43 |
3.29 |
3.50 |
3.25 |
3.68 |
3.12 |
3.19 |
3.99 |
| Price to Earnings (P/E) |
|
0.00 |
0.00 |
13.04 |
10.54 |
21.49 |
20.73 |
20.86 |
56.98 |
16.23 |
10.58 |
16.81 |
| Dividend Yield |
|
14.95% |
22.20% |
21.54% |
22.16% |
24.08% |
22.42% |
21.75% |
20.47% |
25.92% |
21.47% |
22.97% |
| Earnings Yield |
|
0.00% |
0.00% |
7.67% |
9.49% |
4.65% |
4.82% |
4.79% |
1.76% |
6.16% |
9.45% |
5.95% |
| Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.00 |
0.88 |
0.86 |
0.86 |
0.88 |
0.83 |
0.84 |
0.74 |
0.81 |
0.83 |
| Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
0.00 |
8.55 |
8.24 |
8.20 |
8.81 |
9.08 |
9.69 |
8.56 |
9.68 |
11.57 |
| Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
0.00 |
10.36 |
10.99 |
8.91 |
12.43 |
12.00 |
24.53 |
53.58 |
592.37 |
0.00 |
| Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
14.08 |
13.59 |
13.55 |
14.74 |
15.56 |
16.97 |
15.51 |
17.40 |
24.32 |
| Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
14.41 |
13.94 |
13.96 |
15.19 |
16.02 |
17.47 |
15.95 |
18.10 |
24.80 |
| Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
8.79 |
5.72 |
7.57 |
7.18 |
7.60 |
10.60 |
4.50 |
6.12 |
4.24 |
| Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
6.66 |
0.00 |
0.00 |
5.59 |
5.62 |
8.32 |
4.95 |
5.78 |
5.44 |
| Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Debt to Equity |
|
0.00 |
1.22 |
1.25 |
1.15 |
1.19 |
1.23 |
1.28 |
1.32 |
1.22 |
1.25 |
1.29 |
| Long-Term Debt to Equity |
|
0.00 |
1.22 |
1.25 |
1.15 |
1.19 |
1.23 |
1.28 |
1.32 |
1.22 |
1.25 |
1.29 |
| Financial Leverage |
|
0.00 |
1.22 |
1.27 |
1.15 |
1.19 |
1.23 |
1.26 |
1.23 |
1.20 |
1.24 |
1.29 |
| Leverage Ratio |
|
0.00 |
2.35 |
2.35 |
2.25 |
2.30 |
2.33 |
2.38 |
2.34 |
2.33 |
2.37 |
2.42 |
| Compound Leverage Factor |
|
0.00 |
2.34 |
2.36 |
2.24 |
2.30 |
2.36 |
2.37 |
2.34 |
2.33 |
2.24 |
2.42 |
| Debt to Total Capital |
|
0.00% |
54.97% |
55.46% |
53.47% |
54.33% |
55.24% |
56.23% |
56.96% |
54.98% |
55.49% |
56.42% |
| Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Long-Term Debt to Total Capital |
|
0.00% |
54.97% |
55.46% |
53.47% |
54.33% |
55.24% |
56.23% |
56.96% |
54.98% |
55.49% |
56.42% |
| Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Common Equity to Total Capital |
|
0.00% |
45.03% |
44.54% |
46.53% |
45.67% |
44.76% |
43.77% |
43.04% |
45.02% |
44.51% |
43.58% |
| Debt to EBITDA |
|
0.00 |
6.04 |
6.56 |
6.83 |
5.66 |
7.76 |
8.14 |
16.72 |
39.59 |
405.81 |
-46.85 |
| Net Debt to EBITDA |
|
0.00 |
5.68 |
6.23 |
6.42 |
5.34 |
7.49 |
7.70 |
15.21 |
34.01 |
396.99 |
-45.14 |
| Long-Term Debt to EBITDA |
|
0.00 |
6.04 |
6.56 |
6.83 |
5.66 |
7.76 |
8.14 |
16.72 |
39.59 |
405.81 |
-46.85 |
| Debt to NOPAT |
|
0.00 |
9.05 |
9.12 |
8.65 |
8.86 |
9.48 |
10.87 |
11.91 |
11.78 |
12.40 |
16.86 |
| Net Debt to NOPAT |
|
0.00 |
8.51 |
8.67 |
8.14 |
8.36 |
9.15 |
10.29 |
10.83 |
10.12 |
12.13 |
16.25 |
| Long-Term Debt to NOPAT |
|
0.00 |
9.05 |
9.12 |
8.65 |
8.86 |
9.48 |
10.87 |
11.91 |
11.78 |
12.40 |
16.86 |
| Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Free Cash Flow to Firm (FCFF) |
|
785 |
0.00 |
61 |
-663 |
-641 |
72 |
68 |
40 |
67 |
62 |
68 |
| Operating Cash Flow to CapEx |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
| Free Cash Flow to Firm to Interest Expense |
|
103.83 |
0.00 |
8.28 |
-92.76 |
-92.51 |
11.07 |
11.05 |
6.53 |
11.60 |
12.37 |
13.61 |
| Operating Cash Flow to Interest Expense |
|
5.59 |
2.11 |
0.22 |
5.81 |
2.10 |
3.24 |
-1.13 |
3.53 |
10.66 |
0.19 |
5.65 |
| Operating Cash Flow Less CapEx to Interest Expense |
|
5.59 |
2.11 |
0.22 |
5.81 |
2.10 |
3.24 |
-1.13 |
3.53 |
10.66 |
0.19 |
5.65 |
| Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Asset Turnover |
|
0.00 |
0.10 |
0.10 |
0.10 |
0.10 |
0.09 |
0.08 |
0.08 |
0.08 |
0.08 |
0.06 |
| Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Invested Capital |
|
0.00 |
704 |
704 |
672 |
650 |
639 |
643 |
638 |
589 |
584 |
574 |
| Invested Capital Turnover |
|
0.00 |
0.10 |
0.10 |
0.21 |
0.21 |
0.10 |
0.09 |
0.08 |
0.08 |
0.08 |
0.07 |
| Increase / (Decrease) in Invested Capital |
|
-774 |
0.00 |
-50 |
672 |
650 |
-64 |
-61 |
-34 |
-61 |
-56 |
-68 |
| Enterprise Value (EV) |
|
0.00 |
0.00 |
617 |
579 |
556 |
566 |
533 |
533 |
438 |
473 |
477 |
| Market Capitalization |
|
233 |
0.00 |
246 |
241 |
223 |
225 |
191 |
203 |
160 |
156 |
165 |
| Book Value per Share |
|
$0.00 |
$13.63 |
$13.50 |
$13.45 |
$12.77 |
$12.31 |
$12.11 |
$11.82 |
$11.41 |
$11.18 |
$11.26 |
| Tangible Book Value per Share |
|
$0.00 |
$13.63 |
$13.50 |
$13.45 |
$12.77 |
$12.31 |
$12.11 |
$11.82 |
$11.41 |
$11.18 |
$11.26 |
| Total Capital |
|
0.00 |
704 |
704 |
672 |
650 |
639 |
643 |
638 |
589 |
584 |
574 |
| Total Debt |
|
0.00 |
387 |
391 |
359 |
353 |
353 |
362 |
364 |
324 |
324 |
324 |
| Total Long-Term Debt |
|
0.00 |
387 |
391 |
359 |
353 |
353 |
362 |
364 |
324 |
324 |
324 |
| Net Debt |
|
0.00 |
363 |
371 |
338 |
333 |
341 |
342 |
331 |
278 |
317 |
312 |
| Capital Expenditures (CapEx) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
| Net Nonoperating Expense (NNE) |
|
5.21 |
7.18 |
4.85 |
1.45 |
16 |
4.08 |
2.58 |
4.31 |
6.66 |
-1.78 |
0.18 |
| Net Nonoperating Obligations (NNO) |
|
0.00 |
387 |
391 |
359 |
353 |
353 |
362 |
364 |
324 |
324 |
324 |
| Total Depreciation and Amortization (D&A) |
|
3.70 |
7.61 |
-1.43 |
1.43 |
15 |
-7.89 |
1.58 |
-18 |
4.64 |
-14 |
1.43 |
| Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Adjusted Basic Earnings per Share |
|
$0.00 |
$0.15 |
$0.26 |
$0.34 |
($0.30) |
$0.17 |
$0.18 |
$0.10 |
($0.02) |
$0.36 |
($0.03) |
| Adjusted Weighted Average Basic Shares Outstanding |
|
0.00 |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.17M |
22.17M |
| Adjusted Diluted Earnings per Share |
|
$0.00 |
$0.15 |
$0.26 |
$0.34 |
($0.30) |
$0.17 |
$0.18 |
$0.10 |
($0.02) |
$0.36 |
($0.03) |
| Adjusted Weighted Average Diluted Shares Outstanding |
|
0.00 |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.17M |
22.17M |
| Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
| Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
23.24M |
22.23M |
21.61M |
| Normalized Net Operating Profit after Tax (NOPAT) |
|
11 |
11 |
11 |
9.29 |
9.15 |
7.98 |
6.84 |
6.56 |
6.10 |
6.60 |
-0.42 |
| Normalized NOPAT Margin |
|
59.62% |
59.03% |
60.17% |
57.47% |
58.11% |
55.62% |
54.99% |
52.38% |
51.23% |
55.17% |
-8.67% |
| Pre Tax Income Margin |
|
60.58% |
60.64% |
61.79% |
59.12% |
59.98% |
57.49% |
55.83% |
53.87% |
52.80% |
56.72% |
-12.38% |
| Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| EBIT to Interest Expense |
|
1.45 |
1.46 |
1.51 |
1.34 |
1.37 |
1.26 |
1.13 |
1.10 |
1.09 |
1.43 |
-0.12 |
| NOPAT to Interest Expense |
|
1.43 |
1.41 |
1.48 |
1.30 |
1.32 |
1.23 |
1.11 |
1.07 |
1.06 |
1.31 |
-0.08 |
| EBIT Less CapEx to Interest Expense |
|
1.45 |
1.46 |
1.51 |
1.34 |
1.37 |
1.26 |
1.13 |
1.10 |
1.09 |
1.43 |
-0.12 |
| NOPAT Less CapEx to Interest Expense |
|
1.43 |
1.41 |
1.48 |
1.30 |
1.32 |
1.23 |
1.11 |
1.07 |
1.06 |
1.31 |
-0.08 |
| Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
| Dividend Payout Ratio |
|
0.00% |
173.08% |
190.87% |
153.72% |
341.62% |
382.35% |
453.63% |
1,166.40% |
420.82% |
255.35% |
351.00% |
| Augmented Payout Ratio |
|
0.00% |
173.08% |
190.87% |
153.72% |
341.62% |
382.35% |
453.63% |
1,166.40% |
420.82% |
307.11% |
461.16% |
Key Financial Trends
WhiteHorse Finance (NASDAQ: WHF) showed a sharp improvement in Q1 2026 versus the weak Q1 2025 and a mixed but generally stabilizing trend over the past year. The latest quarter returned to profitability at the common-share level, generated solid operating cash flow, and kept the balance sheet reasonably steady. That said, revenue remains highly dependent on interest income, and dividend coverage still deserves attention.
- Q1 2026 turned profitable for common shareholders. WHF reported $687,000 in consolidated net loss, but net loss attributable to common shareholders improved to just $687,000, versus a larger loss in Q1 2025. That is a meaningful rebound from the prior-year quarter.
- Operating cash flow was strong in Q1 2026. Net cash from operating activities reached $28.2 million, up sharply from $16.0 million in Q1 2025 and well above the weak Q1 2024 result.
- Interest income remained healthy. Total interest income of $13.4 million in Q1 2026 exceeded interest expense of $5.0 million, producing $8.4 million in net interest income.
- Debt levels were broadly stable quarter over quarter. Long-term debt at Q1 2026 was $324.1 million, only slightly below Q3 2025 and below the $361.5 million level seen in Q1 2025.
- Book equity remained solid. Total common equity was $250.3 million in Q1 2026, leaving the company with a meaningful equity cushion against liabilities.
- Cash increased meaningfully in Q1 2026. Net change in cash and equivalents was a positive $19.6 million, ending the quarter with $11.8 million of cash and due from banks.
- WHF continued returning capital to shareholders. The company paid $0.26 per share in dividends in Q1 2026 and also repurchased $3.0 million of common equity.
- Net income still showed volatility from quarter to quarter. WHF was profitable in Q4 2025, lost money in Q1 2025, and returned near breakeven in Q1 2026. That pattern suggests earnings remain somewhat uneven.
- Non-interest income remains weak and volatile. In Q1 2026, WHF posted a negative $3.6 million in total non-interest income, driven largely by a $6.2 million loss on realized and unrealized capital gains on investments.
- The dividend remains high relative to quarterly earnings. Q1 2026 EPS was a loss of $0.03, while the quarterly dividend was $0.26 per share. That mismatch suggests payout coverage is not especially strong in the latest quarter.
Longer-term trend: WHF’s results have improved from the weakest periods in 2024 and early 2025, when earnings and operating cash flow were much more volatile. Revenue from investment securities has held up better than earnings, but the company’s bottom line is still affected by changes in investment marks, debt expense, and other adjustments. The balance sheet appears manageable, but investors should watch dividend coverage, realized/unrealized investment gains, and whether operating earnings can consistently exceed the dividend.
07/12/26 12:58 PM ETAI Generated. May Contain Errors.